Dana Gas Q4 profit jumps, no details on sukuk


Dana Gas Co. - DANA
0.55 0.01 1.85%
30/01/2012 17:43 AST

Dana Gas, which faces a $1 billion sukuk maturity in October, posted sharply higher fourth-quarter and yearly profits on Monday, buoyed by an increase in production and higher oil prices.

Abu Dhabi-listed Dana, which has operations in the UAE, Egypt and Kurdistan, made quarterly profit of 147 million dirhams ($40 million), according to Reuters calculations. It had profit of 59 million dirhams in the year-ago period.

A Global Investment House analyst had forecast quarterly profit of 151 million dirhams, in a Reuters poll. HSBC estimated quarterly profit at 146.9 million dirhams in an analyst note dated January 30.

Dana reported full-year net profit of 506 million dirhams, up from 158 million dirhams in 2010. Reuters calculated quarterly profit from previous financial statements. Nine-month profit to Sept. 30 was 359 million dirhams.

Dana, which hired Deutsche Bank to advise it on the October Islamic bond, made no reference to how it will repay the outstanding $920 million on the sukuk in the statement.

Dana's share have been battered by fears it might struggle to honour the debt. Earlier this month, it said it would meet its debt obligations.

'Dana's share price has been under pressure as management has yet to announce a strategy to address a challenging liquidity position ahead of the October 2012 sukuk maturity,' the HSBC note said.

'We believe a default is unlikely, as sukuk holders are more likely to agree to a restructuring that can enable Dana to monetise its assets rather than see a complex liquidation with recovery potentially below 40 cents on the dollar.'

The Gulf's only listed natural gas firm has faced payment delays for gas delivered to Egypt, due to political unrest. 'The consequences of the so-called 'Arab Spring' are presenting the oil and gas industry with considerable challenges in the short term, and Dana Gas is not immune to these,' Dana Gas Chairman Hamid Jafar said in a statement.

Gross revenues for the year jumped to 2.53 billion from 1.78 billion in the previous year, according to Dana's statement.

Reuters
Dana Gas Co. - DANA
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
AMANAINSURANCE 13.12 740,916
SHAKER 39.42 287,928
COAST 53 1,433,290
DCFI 0.19 80,000
ASMAK 7.2 14,100
ALALAMIYA 60.86 148,921
FGB 15.5 1,910,584
Recent News

US economy grew 2.3% in Q2
WASHINGTON — The US economy picked up sharply in the second quarter, boosted by increased consumer spending and exports after a tepid first quarter, the Commerce Department reported Thursday. Gross d

Foreign firms bid for $5bn Saudi gas project
ALKHOBAR: Foreign engineering firms have submitted bids to build a gas plant in eastern Saudi Arabia for Saudi Aramco at an estimated cost of $5 billion to $6 billion, industry sources said.

SR1.56bn deal boosts Jamal Omar shares
JEDDAH: Gulf stock markets were narrowly mixed on Thursday as a series of disappointing corporate earnings reports, especially in the telecommunications sector, offset the positive impact of improvin

BisB registers 105pc rise in net income
Manama: BisB has posted an increase of 105 per cent in net income for the first six months of the year at BD8.2 million ($21.75m), compared with BD4m for the same period last year.

Net inc

BCFC net profit surges 18pc to $22.5 million
Manama: Bahrain Commercial Facilities Company (BCFC) has posted an 18 per cent rise in consolidated net profit at BD8.5 million ($22.5m) for the first half of the year, compared with BD7.2m for the s

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?